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US Masters to issue up to A$150M of unsecured bonds

US Masters Residential Property Fund's responsible entity, Walsh & Co. Investments Ltd., plans to issue up to A$150 million of 7.75% unsecured bonds in Australia, with an oversubscription option for up to A$50 million.

The company lodged a prospectus with the Australian Securities & Investments Commission for the listing of the notes due Dec. 24, 2021. The offer is scheduled to open Feb. 1 and will close Feb. 13. The quarterly interest payments on the bonds will be paid March 31.

US Masters plans to use the proceeds from the issuance to fund its investment strategy, which includes property renovations and acquisitions, and for general business and financing purposes.

Walsh & Co.'s third-tranche issuance follows an offering of the first and second tranches, where the company raised A$150 million and A$90.5 million in December 2014 and October 2015, respectively.

As of Jan. 20, US$1 was equivalent to A$1.32.